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MarketScreener Homepage  >  Equities  >  Xetra  >  BayWa AG    BYW6   DE0005194062

BAYWA AG (BYW6)
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Green light for Spanish subsidy-free 170 MWp solar plant: BayWa r.e. and Statkraft conclude PPA

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04/11/2018 | 10:41am CEST

With the conclusion of a long-term Power Purchase Agreement (PPA) between the renewable energy specialist BayWa r.e. and the Norwegian energy group Statkraft, everything is now clear to progress with the swift construction of the Spanish Don Rodrigo solar plant.

The BayWa r.e. project, which will provide a total output of over 170 MWp, is located south of Seville and is one of the first solar projects of this size in Europe to be realised without any subsidies. This is made possible by a 15-year PPA that is the first of its kind in Spain. At the same time, it signals Statkraft`s entry into the Spanish market as a leading European provider of PPAs.

BayWa r.e. has already started preliminary work on the project and the plant is expected to be commissioned at the end of the year. In an area covering around 265 hectares (approx. 190 football fields), roughly 300 GWh of solar power will be generated every year - that`s the equivalent to the annual consumption of approximately 93,000 average Spanish households.

"Building one of the first subsidy-free solar projects of this size in Europe is a ground-breaking milestone; both for us as an international renewable energy company and also for the future of the European PV market," explains Benedikt Ortmann, Managing Director of BayWa r.e. Solar Projects GmbH.

"The fact that we can implement such a project without state funding is largely thanks to the continual improvement of system design and building costs.

Matthias Taft, Board Member of BayWa AG with responsibility for the energy business adds: "We are entering a new phase of energy generation: for the first time, renewable energy plants are able to generate cleaner power at the same or even lower price as conventional power plants. This also demonstrates the significant potential of new financing models in ever-changing market conditions. We are delighted to be making such an important contribution to the success of the European energy revolution."

With a portfolio of 15,000 MW, the Norwegian energy group Statkraft is one of Europe`s largest providers of market access for renewable energy.

"With Power Purchase Agreements like the one for Don Rodrigo we are ensuring the long-term financing of new plants and are thus enabling further development of renewable energy across Europe," says Hallvard Granheim, Executive Vice President Market Operations & IT at Statkraft.

"Statkraft is bringing together pan-European electricity producers and companies from trade and industry, and is developing new concepts that add value for both sides. Our customers benefit from our decades of experience in supplying renewable energy at long-term predictable and competitive prices."

(c) 2018 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2018 16 511 M
EBIT 2018 182 M
Net income 2018 52,7 M
Debt 2018 2 499 M
Yield 2018 3,24%
P/E ratio 2018 19,14
P/E ratio 2019 14,14
EV / Sales 2018 0,21x
EV / Sales 2019 0,21x
Capitalization 1 013 M
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Number of Analysts 7
Average target price 33,5 €
Spread / Average Target 16%
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Klaus Josef Lutz Chief Executive Officer
Manfred Nüssel Chairman-Supervisory Board
Andreas Helber Chief Financial Officer
Johann Lang Member-Supervisory Board
Gunnar Metz Vice Chairman-Supervisory Board
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